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Family Dollar Tests Basket Analysis
March 11, 2010
FROM RETAILWIRE:
In a project last year, Family Dollar worked with Applied Predictive Technologies to understand what's happening at the basket level. How do you think better access to basket analysis insights can help retailers and vendors?
[more...]
With scanning we learned what was being sold. With market basket analysis we know what was sold with what, when, etc. As with any tool, the value is not in collecting the information but use of the insights gained from the analysis. The Family Dollar article illustrates that what was thought of as marketing tool can have operational impact as well.
The balance of art and science for marketing is continuing its metamorphosis towards the scientific side. Link it to loyalty data and you have a very complete picture of what is happening.
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